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Council of the District of Columbia Approves Significant Increase in Transfer and Recordation Taxes

Effective October 1, 2019, the transfer tax and recordation tax for real estate sales of commercial and mixed-used property on transactions of $2,000,000.00 or above will be significantly increased. On May 28, 2019, the Council of the District of Columbia unanimously voted to approve Mayor Muriel Bowser’s Fiscal Year 2020 budget.  This budget includes an increase of the current 2.9% transfer and recordation taxes to 5% on sales of commercial and mixed-use property valued at $2,000,000.00 or more.  The increase will also apply to transfers of a controlling economic interest in entities that own commercial real property. About The Author

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Real Estate, Zoning & Land Use

Cozen O’Connor has represented residential, commercial, retail, and industrial builders in the development and redevelopment of building lots and millions of square feet of real estate. Our team handles every aspect of the zoning, land use, and development approvals process, from obtaining building permits and variances to negotiating stormwater management and traffic plans.

Head of the DC Zoning Group & Blog Editor